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Article Summary: Teenagers and young adults Tax-free accumulation Earned income requirement Roth IRA Generally, teenagers and young adults do not consider the long-term benefits of retirement savings. Their priorities for their earnings are more for today than that distant and rarely considered retirement. Yet contributions to a retirement plan early in life can enjoy

Article Highlights: Tuition To Treat Learning Disabilities is Deductible Medical Deduction Special Teaching Techniques IRS has privately ruled that for a child diagnosed with multiple learning disabilities, tuition paid to attend a school designed to assist students in overcoming their disabilities and developing appropriate social and educational skills was a deductible medical expense. Treating

Article Highlights: New Tax Return Complications Shared Responsibility Payment Premium Tax Credit The Affordable Care Act, the federal health care law, will bring some surprises at tax time for many. This year there are two new issues that can complicate the preparation of almost anyone’s tax return. First, there is the shared responsibility payment, a

Article Highlights: Tax-Free Income from Working Abroad Foreign Earned Income & Housing Exclusions Foreign Self-Employment Income Claiming or Revoking the Exclusion U.S. citizens and resident aliens are taxed on their worldwide income, whether the person lives inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work abroad may

Wm. F. Horne & Co., PLLC (WFH) is pleased to announce Jennifer Jenkins, CPA as its newest Partner. Jennifer has more than 10 years of experience in federal and state tax compliance and consulting for corporations, partnerships, LLCs, and individuals. Her experience includes work with such industries as manufacturing, healthcare, oil and gas, and

Article Highlights: • Student loans• Gifting low basis assets• Education credits• Education savings programs• Educational savings bond interest The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or children are being educated. Which of these options will provide the greatest tax benefit depends on

February 2015 Individual Due Dates If you don’t already have a tax appointment scheduled with our office, you should call to make an appointment that is convenient for you. February 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you

Article Highlights: It is time to gather your information for your tax appointment Choosing your alternatives Tips for pulling your information together If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Pulling together the records for your tax appointment is never easy, but the effort usually pays